There are more than 5 trillion dollars in Forex transactions every single day. That’s a lot of money, and it’s no wonder that so many people want to get involved in its trading. However, as any experienced trader can tell you, trading on the Forex market is no joke, and it takes a lot of work to do it right.
Even if you’re a full-time trader, you may not have the time or energy to scour the market for good deals, track the progress of your trades, and find new opportunities to invest your money. Luckily, there are countless apps that can help you with all of these tasks!
Table of Contents
Best Apps For Forex Trading
Trust (regulatory status): You want a broker that you can trust, above all else. Therefore, your broker should have a high trust factor. For example, any broker that holds multiple top-tier regulatory licenses and thus is regulated in the U.S., U.K., Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland, will have a higher Trust Score on ForexBrokers.com.
Trading platforms: Our research finds that most proprietary platforms are superior to third-party software like MetaTrader. Either way, be sure to select the trading platform that meets your needs across devices, whether that’s on the web, your desktop, or with a mobile trading app.
Trading tools: When I evaluate the research content, trading tools, and educational materials available from brokers, I expect them to be rich with features and easy to use. The more comprehensive each category is within the mobile app you choose, the better off you will be in maximizing trading opportunities.
Tradeable markets: Consider the total available markets and the number of instruments that are available for you to trade at a given broker. For example, one broker may offer a small selection of currency pairs but a vast array of CFDs on other markets like stocks, commodities, futures, cryptocurrency, and other asset classes. Conversely, maybe you want to trade some exotic currencies and want a broker with a larger selection of forex pairs.
Demo accounts: Opening a free demo account allows you to learn the ins and outs of a trading app, like test-driving a car before you buy it. You get to use the virtual account across all supported devices, such as web, desktop, and mobile. If the platform meets your needs, then you can fund a live account. Some traders also use demo accounts to test various trading strategies before trying them out with real funds.
best forex trading app in nigeria
How to Choose a Forex Trading App
Forex trading apps are all different, but the best apps will have fast trade execution speeds, comprehensive functionality, platform stability and the full range of assets to trade.
Fast Execution Speed: Fast execution speed is an essential feature of the best Forex apps. While execution speed still partially depends on the mobile device’s connection to the internet, the app itself mustn’t suffer any loss in execution speed when compared to the desktop version of the platform.
Full Functionality: Trading apps should match their desktop versions’ functionality and feel familiar to the desktop platform users. While charts on a mobile device will be less customizable than on a desktop, there should be some of the more popular custom indicators and common timeframes functions found on the desktop version.
Platform Stability: A stable iOS or Android trading app is an absolute necessity. Should your app crash while trades are open, you risk losing capital should the markets are move against your position. Platform stability is an absolute necessity and should never be compromised.
AvaTrade – Best Forex Trading App
AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
AVATRADEGO FEATURES
Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
AvaProtect loss protection: Any losses are fully refunded, but any gains are the traders to keep
Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
Secure deposits, FSCA-regulated and 24/5 Customer Support
REGULATION [4]
TRADING CONDITIONS [5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Good for beginners
Well regulated
Low minimum deposit
Cons
Dealing desk
Limited market analysis
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
HotForex – Best App for Forex Analysis
HotForex offers trading on Forex, commodities, indices, shares, bonds, and ETFs through the new HotForex HF App. Other app features include in-app fund transfers, advanced charting, and access to HotForex’s HFcopy and PAMM copy-trading accounts. Other features include a live rate stream for CFDs on Forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HotForex research team.
HF APP FEATURES
Micro Account: with a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip.
Analytical tools: Daily Market Analysis from experts, a market sentiment tool, and Trader’s Board – a detailed look at the world’s markets with volume indicators and live charts.
Trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.
A dedicated section for copy-trading: Monitor the status of investments, allocate funds and manage your portfolio.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Low minimum deposit
Tight spreads
Well regulated
Good range of accounts
Cons
Limited base currencies
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
XM – Fastest Execution Speed
XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account. The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.
XM APP FEATURES
Both MT4 and MT5 trading platforms are available as apps
Trade on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares
99% of trades are executed in less than a second with a 100% execution rate. No re-requotes or rejections of orders.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Excellent education
Free deposits and withdrawals
Cons
Dealing desk
Wide spreads on its entry-level accounts
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
FBS – Highest Leverage Mobile Trading
Founded in 2009 and regulated by the FSCA in South Africa, FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app. With five live accounts and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts. Only available on Android, but coming to iOS devices soon, the new FBS Trader app offers an all-in-one multi-asset trading platform for online trading anywhere.
FBS TRADER FEATURES
More than 100 global and local payment methods. Deposit and withdraw at any time, 24/7
20% Cashback for every order on trading Forex, stocks, and other assets
24/7 chat support and demo trading from inside the app
Trade over 35 crypto pairs and crypto crosses 24/7
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [4.5]
Pros
Tight spreads
Low minimum deposit
Excellent education
Excellent market analysis
Cons
Limited range of assets
Extreme leverage
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
IC Markets – Best cTrader Mobile Experience
IC Markets is an Australian ECN broker with two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4, MT5 and cTrader platforms. Mobile apps are supported for all trading platforms, but for traders interested in the best mobile cTrader experience, IC Market’s cTrader Raw Spread account is industry-leading and available on the IC Markets cTrader app for iOS and Android.
The cTrader Raw Spread Account features a smaller commission than the normal Raw Account (3 USD per lot vs 3.50 USD per lot), and spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The cTrader app provides the same access to tight spreads, deep liquidity and reliable 24/7 customer service that IC Market is known for, it also features single-tap execution and a split-screen interface for tablets.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [5]
DEPOSIT & WITHDRAWAL [4]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Tight spreads
Wide range of assets
Great platform choice
Cons
High minimum deposit
Limited market analysis
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
Markets.com – Most Instruments to Trade in an App
Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments. The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience. Founded in 2010, Markets.com’s offers trading on financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds.
MARKETSX FEATURES
Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities (including everything from gold and copper to wheat, cotton, and heating oil), 60 ETFs, 7 cryptocurrencies, and 4 government bonds.
23 of Marketsx exclusive Blends CFDs. Blends are stock baskets of industry-leading companies.
Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
REGULATION [4.5]
TRADING CONDITIONS [5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [3.5]
Pros
Well regulated
Tight spreads
Wide range of assets
Fast and free withdrawals
Cons
High minimum deposit
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5, and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC
XTB – Best Regulated Trading App
XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD). XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies.
XSTATION APP FEATURES
Access XTB’s award-winning market analysis and market sentiment from inside the trading app
Control your take-profit and stop-loss directly on the chart or through the integrated trading calculator
Filter instrument classes and set favourites with the market analysis dashboard.
Fully customisable layout. Traders can also choose between light and dark mode, saving battery and keeping clarity.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Tight spreads
Low minimum deposit
Good for beginners
Cons
Limited platform choice
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.40 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, and the IFSC
FXTM – Best App for Automated Trading
Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account. Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker.
FXTM TRADER FEATURES
Monitor your FXTM Invest, FXTM’s leading copy trading system
Micro Account with a 50 USD minimum deposit
Trading on Forex, commodities, metals, stocks, and indices from within the trading app
Access to the MyFXTM dashboard, letting you deposit, withdraw and monitor your funds in seconds
Enable 1-click trading for even quicker buying and selling
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [5]
Pros
Good for beginners
Excellent education
Well regulated
Low minimum deposit
Copy trading accounts
Cons
Expensive withdrawals
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
What should traders look for in a Forex Trading App?
Mobile Trading
Forex trading apps are all different, but the best will have fast execution speeds, complete functionality, platform stability and a full range of assets to trade.
Fast Execution Speed
While this depends on the mobile device’s connection to the internet, it is important that the app itself does not suffer any loss in execution speed when compared to the desktop version of the platform.
Fast execution speed is an essential feature of the best Forex apps
Conclusion
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